Small cities and their malls brace for pending Sears store closures

Small cities and their malls brace for pending Sears store closures
VANCOUVER — At Heritage Place Mall in Owen Sound, Ont., an empty Sears department store would leave a mammoth void. The insolvent retailer is one of the mall’s largest occupants. More than 60 people work in the anchor tenant’s roughly 6,500 square metres, a space big enough to fit 14 basketball courts. If the court approves Sears Canada’s bid to... Read More

Ikea to open London, Ont., store in fall 2019 as it works to grow Canadian presence

Ikea to open London, Ont., store in fall 2019 as it works to grow Canadian presence
VANCOUVER — Ikea Canada is readying to open a new store in London, Ont., in the fall of 2019 after the success of a pickup and order point it operates in the city. The flat-pack furniture retailer says it plans to begin construction on the 270,000-square-foot store in the southwestern Ontario city late next summer. A smaller-scale Ikea shop and... Read More

Shopify CEO says will push back on short-seller report on next earnings call

Shopify CEO says will push back on short-seller report on next earnings call
OTTAWA — Shopify Inc.’s chief executive says he’ll push back against a short-seller’s report questioning the company’s business model during the release of their next financial results. Company CEO Tobias Lutke tweeted that he looks forward to the next earnings call, expected in early November, where he’ll address the “short-selling troll” targeting Shopify. He further tweeted that “the irony of... Read More

Metro to eliminate 280 jobs in modernization of Ontario distribution network

Metro to eliminate 280 jobs in modernization of Ontario distribution network
TORONTO — Grocery store chain Metro Inc. (TSX:MRU) says it will eliminate about 280 jobs starting in 2021 as part of a $400-million overhaul of its Ontario distribution network. The company says the move to modernize and automate its network will mean the loss of about 180 full-time and 100 part-time positions. The announcement follows comments by Metro in August... Read More

Sears Canada seeks court approval to liquidate all stores, 12,000 to lose jobs

Sears Canada seeks court approval to liquidate all stores, 12,000 to lose jobs
TORONTO — Sears Canada Inc. is seeking court approval to liquidate its roughly 130 remaining stores, leaving approximately 12,000 employees without a job. The embattled retailer, which has been operating under the Companies’ Creditors Arrangement Act since June, said Tuesday that it had failed to find a buyer that would allow it to continue as a going concern. The court... Read More

Shopify shares plunge after report questions company operations

Shopify shares plunge after report questions company operations
VANCOUVER — Shopify Inc. shares plunged nearly 10 per cent Wednesday after a research report alleged the e-commerce platform company operates outside the law. Citron Research, an online stock commentary website whose reports have previously moved the direction of shares for the likes of Valeant and BlackBerry, claims Shopify’s business model does not comply with guidelines set by the Federal... Read More

Metro says it’s in talks with Jean Coutu about possible merger

Metro says it’s in talks with Jean Coutu about possible merger
MONTREAL — Metro Inc. (TSX:MRU) says it is “engaged in exclusive discussions” regarding a merger with Quebec-based pharmacy chain Jean Coutu Group (TSX:PJC.A). Metro announced Wednesday the pair are discussing a deal in which it would acquire Jean Coutu at a price of $24.50 per share, to be paid 75 per cent in cash and 25 per cent in shares.... Read More

Couche-Tard says it still wants to sell marijuana in its Quebec convenience stores

Couche-Tard says it still wants to sell marijuana in its Quebec convenience stores
Alimentation Couche-Tard is still interested in selling marijuana and its co-founder says he thinks provincial governments should stay out of selling this product. Alain Bouchard, the executive chairman of the Quebec-based chain of convenience stores, says Crown corporations getting involved in cannabis sales is a step backwards after it becomes legal next year. Couche-Tard would like to sell cannabis in... Read More

Toys “R” Us files for bankruptcy protection in U.S.; plans to follow suit in Canada

Toys “R” Us files for bankruptcy protection in U.S.; plans to follow suit in Canada
Toys “R” Us has filed for bankruptcy protection in the United States and says it intends to follow suit in Canada. The company filed Chapter 11 documents late Monday in U.S. Bankruptcy Court in Richmond, Virginia and says its Canadian subsidiary plans to seek protection in parallel proceedings under the Companies’ Creditors Arrangement Act in the Ontario Superior Court of... Read More

Amazon brings democratic simplicity to the food industry

Amazon brings democratic simplicity to the food industry
The online giant is essentially about merchandizing convenience for all. Organic foods and meal kits are its latest targets By Sylvain Charlebois Senior Fellow Atlantic Institute for Market Studies Amazon isn’t wasting time wading in to the food industry – and speed of execution and ease of delivery are at the heart of its business model. As soon as United... Read More